India's rice inventories hit record high, triples govt target
NEW DELHI, Nov (Reuters) - India's rice inventories surged to an all-time high of 29.7 million metric tons in November, sources said on Friday, nearly three times the government's target, as export curbs imposed over the past two years bumped up local supplies.
Higher stocks would allow the world's biggest rice exporter to boost shipments without worrying about domestic supplies, which were limited last year and led New Delhi to restrict exports of all grades.
Rice reserves in state granaries totalled 29.7 million tons at the start of this month, up 48.5% from a year ago, said the sources who did not wish to be named in line with official rules.
In the middle of overflowing grain bins, Indian farmers have gathered a record rice crop of 120 million tons from this year's summer season, which accounts for nearly 85% of total rice output.
As the new crop rolls in, stocks at the Food Corporation of India (FCI) - the state stockpiler - are set to increase further in the months to come, raising storage concerns in the world's second-biggest rice producer.
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